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Why Are Cannabis Firms Losing Money?

Cannabis is nearing full legalization nationwide. Industrial hemp is already legal federally, with 33 states permitting it for medicinal use, and a further 10, growing quickly, liberal about its use recreationally too. Despite this, marijuana remains a Schedule 1 drug. Big companies, like Cronos Group and Canopy Growth, have seen 65 percent-price dives on stock since highs last year. This year looks worse already. The drop in last year’s weed stocks led to much speculation, with some comparing it to the many busts of days gone by, such as the dot.com industry in the 2000s. Under federal law, cannabis is a “Schedule 1 drug,” and has been for many decades, where it shares company with very dangerous drugs, such as heroin and LSD. All growing, manufacturing, extracting, or selling occurred very underground. Welcoming New Times Marijuana was the subject of much hype after half the country recognized its medical benefit …

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